By Arizton Advisory & Intelligence
The stock music market is expected to grow at a CAGR of over 10% during the period 2020−2026.
Key Highlights Offered In The Report:
* The global stock music market would realize an absolute growth of 78% – a phenomenal leap of over $834 million revenue between 2020 and 2026.
* The track-based stock music market accounted for a revenue share of over 77% in 2020, where it is expected to witness an incremental growth of approximately $647 million between 2020 and 2026.
* Growing demand for podcasts and rise in audio-based user experience is expected to boost the market for the track-based stock music market, growing at a CAGR of over 10% during forecast period.
* The stock music market based on licensing is expected to generate an incremental growth of $404 million between 2020 and 2026, together by North America and APAC.
* The stock music market for individual content creators accounted for approximately 12% in 2020, with rising attraction toward individual music creation during COVID-19 lockdown, where it is expected to witness an incremental growth of around $100 million during 2020 to 2026.
* Audio in video game development is becoming more cinematic than ever as the US is one the largest gaming industries, thus creating many avenues for stock music. The US dominated the North American stock music market with over 91% in 2020 and is expected to grow at a CAGR of around 10%.
Stock Music Market – Segmentation:
* The growing demand for podcasts and the rise in the audio-based user experience are expected to boost the track-based stock music market growth. The market is expected to grow higher in North America and APAC with projected incremental revenue of over $348 million and $135 million respectively by 2026.
* Consistency, in terms of standards, has driven the demand for licensed music and is expected to continue over the next few years. High curation standards have led to the music that is largely cinematic and emotion-based as opposed to flat, thereby driving the market at a rapid pace.
* The growing demand for improving the movie experience is expected to boost the market for large business stock music, which is likely to grow at a CAGR of over 10% between 2020 and 2026. There is a shift in the consumption preference of digital content from passive, video-based to audio-based content. This has resulted a change from “look and feel” to “listen and feel,” which has fostered the use of audio branding where consumers can easily identify with the brand.
Stock Music Market – Dynamics:
The most complex step of selecting audio is often decoding licenses associated with each audio file. From attribution to exploitable rights, the criteria are huge and sometimes can be stretched, thereby requiring navigation through a complicated terrain of licenses.
Customers have always struggled with licensing music dealing with tediousness, variables, differing interpretations, and expensiveness, ending up being a bottleneck for many. It can get in the way of the creative process. Players in the market are thus trying to ease out this process.
From realizing that licenses were either restrictive or largely misunderstood to deal with the grey area of extended use, there have been efforts to better fit the needs of creators and buyers. Vendors are creating use-for-everything, no-questions-asked licenses, and licenses that allow the purchase of additional rights for use under a large selection of users and a larger audience. This prompts flexibility of use in the market.
Stock Music Market – Geography:
The advertising space in North America has grown exponentially over the last six years, primarily driven by cyclical events such as the Olympics and elections. Technology has been witnessing an indisputable force for good, driving changes across the marketing world. Magazines and newspapers are considering new survival strategies in response to the shifting of advertising money to Facebook and Google. As Facebook and Google brace for more video content than ever, audio is well placed to grow. Of all developed economies, North America’s abandonment of print channels is the fastest, with social platforms coming to the forefront, leading to the creation of dynamic content that appeals to more than the sense of sight. Major cost-cutting imperatives are in place. They are investing in other revenue streams to live, moving into spaces such as video and podcasts.
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Comments welcome.
Posted on May 13, 2021